Stocks to watch: Why you should keep an eye on HUDCO, NBCC India shares after Budget 2024?

Stocks to watch: Shares of NBCC India and Housing And Urban Development Corp (HUDCO) are expected to remain under the radar of Indian stock market investors as FM Nirmala Sitharaman has declared various infrastructure development projects on 23rd July 2024. In the Budget 2024, the finance minister declared a ₹10 lakh crore fund for urban housing for low-income people and ₹26,000 crore for highway projects in Bihar. The Union Budget 2024 also contains fund allocation for Bihar's airports and medical and sports infrastructure developments. Experts believe such announcements in the Union Budget will benefit HUDCO.

Triggers from Budget 2024

Speaking on the reason for being bullish on HUDCO and NBCC India shares, Saurabh Jain, Vice President of research at Global Securities, said, "Stock market investors are advised to remain vigilant about HUDCO and NBCC India shares because the Budget 2024 has some announcements that are expected to benefit these companies. FM Nirmala Sitharaman has declared a ₹10 lakh crore fund for its PM AWAS Yojana Urban 2.0 that will benefit HUDCO. The Indian Finance Minister also declared a ₹26,000 crore fund allocation for the highway projects in Bihar. The FM also declared fund allocation for airports, medical and sport infrastructure projects in Bihar that will benefit NBCC India."

HUDCO share price outlook

Speaking on the outlook for HUDCO shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “HUDCO is looking positive on the chart pattern. The stock has made a strong base at ₹300 apiece. It may touch ₹340 to ₹350 marl soon.”

NBCC India share price outlook

Bagadia said the NBCC India share price on the chart pattern also looks positive. He noted that NBCC India shareholders can hold the scrip and maintain a stop loss at ₹170 for the short-term targets of ₹200 and ₹210. He said that fresh investors can also buy the stock at current levels for the above-mentioned targets. However, he advised a strict stop loss of ₹170 for the fresh investors.

Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.